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2. When a firm attempting to create unique products or services for particular market niches, in order to achieve relatively high profit margins, this is best known as 3. Which of the following economic characteristics is consistent with a pharmaceutical company? 4. Which of the following economic characteristics is consistent with a commercial bank? 5. Which of the following assets appears on the balance sheet at fair value? 6. The use of acquisition cost as a valuation method is justified on the basis that acquisition cost is: 7. U.S. GAAP, IFRS, and other major accounting standards are best characterized as 8. Toro Company recognized $655,000 of cost of goods sold in 2010, in addition its implementation of a just-in-time inventory system allowed it to reduce its inventory from $325,000 at the beginning of the year to $230,000 at the end of 2010. How much cash did Toro spend for inventory in 2010? 9. Free cash flows to all debt and common equity shareholders represents the excess of cash flows from 10. Normally, cash flows from financing will start using cash during which phase of the product life cycle? 11. When preparing the statement of cash flows using the indirect method, an increase in inventories would appear as